Coinbase Global (NASDAQ:COIN) Shares Gap Up on Analyst Upgrade

Shares of Coinbase Global, Inc. (NASDAQ:COIN) gapped up prior to trading on Friday after Sanford C. Bernstein raised their price target on the stock from $80.00 to $200.00. The stock had previously closed at $218.08, but opened at $223.83. Sanford C. Bernstein currently has a market perform rating on the stock. Coinbase Global shares last traded at $225.49, with a volume of 1,692,387 shares traded.

Several other research analysts have also commented on COIN. JMP Securities reissued a “market outperform” rating on shares of Coinbase Global in a research report on Friday, March 22nd. Needham & Company LLC boosted their price target on Coinbase Global from $160.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, January 8th. Barclays upped their target price on Coinbase Global from $146.00 to $179.00 and gave the company an “underweight” rating in a research report on Monday, April 8th. Mizuho upped their target price on Coinbase Global from $84.00 to $145.00 and gave the company an “underperform” rating in a research report on Friday, April 12th. Finally, Bank of America upped their target price on Coinbase Global from $92.00 to $110.00 and gave the company an “underperform” rating in a research report on Wednesday, April 10th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $165.43.

Insider Transactions at Coinbase Global

In other news, insider Paul Grewal sold 10,000 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the sale, the insider now owns 61,665 shares in the company, valued at $7,462,698.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Coinbase Global news, Director Frederick Ernest Ehrsam III sold 16,380 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $213.99, for a total transaction of $3,505,156.20. Following the transaction, the director now owns 4,662 shares in the company, valued at $997,621.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Grewal sold 10,000 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $121.02, for a total value of $1,210,200.00. Following the transaction, the insider now owns 61,665 shares in the company, valued at approximately $7,462,698.30. The disclosure for this sale can be found here. Insiders have sold 607,358 shares of company stock worth $106,945,156 over the last quarter. 33.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Coinbase Global

A number of hedge funds have recently bought and sold shares of COIN. Vanguard Group Inc. boosted its position in Coinbase Global by 19.8% during the third quarter. Vanguard Group Inc. now owns 12,786,266 shares of the cryptocurrency exchange’s stock worth $824,587,000 after purchasing an additional 2,110,196 shares in the last quarter. Norges Bank purchased a new position in shares of Coinbase Global in the fourth quarter valued at approximately $50,254,000. Price T Rowe Associates Inc. MD lifted its position in shares of Coinbase Global by 741.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,342,039 shares of the cryptocurrency exchange’s stock valued at $233,408,000 after acquiring an additional 1,182,556 shares in the last quarter. a16z Perennial Management L.P. purchased a new position in shares of Coinbase Global in the fourth quarter valued at approximately $147,646,000. Finally, Morgan Stanley lifted its position in shares of Coinbase Global by 18.5% in the third quarter. Morgan Stanley now owns 3,279,836 shares of the cryptocurrency exchange’s stock valued at $246,250,000 after acquiring an additional 511,397 shares in the last quarter. Hedge funds and other institutional investors own 68.84% of the company’s stock.

Coinbase Global Stock Performance

The firm has a market cap of $51.12 billion, a PE ratio of 781.52 and a beta of 3.41. The firm has a 50-day moving average price of $224.69 and a two-hundred day moving average price of $155.57. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.47.

Coinbase Global (NASDAQ:COIN) last released its earnings results on Thursday, February 15th. The cryptocurrency exchange reported $1.04 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $1.13. The business had revenue of $953.80 million for the quarter, compared to the consensus estimate of $826.10 million. Coinbase Global had a return on equity of 3.54% and a net margin of 3.05%. The business’s quarterly revenue was up 51.6% compared to the same quarter last year. During the same quarter last year, the business posted ($2.46) earnings per share. Research analysts forecast that Coinbase Global, Inc. will post 2.43 EPS for the current fiscal year.

About Coinbase Global

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.